Construction Put in Place Hits 6-Month High in November, AGC Economist Reports
"Construction turned in a surprisingly strong performance in November as the value put in place reached the highest level since May," said Kenneth D. Simonson, chief economist for Associated General Contractors of America (AGC), a leading construction trade association. "These data often go through large revisions up or down, so it's too early to say there's a trend, but these figures are encouraging."
The November total, $843 billion seasonally adjusted at annual rates, was the third straight increase and represented a 0.3% lift from October's upwardly revised $840 billion (initially reported as $835 billion). The November figure was 0.8% higher than in November 2001, and actual construction put in place for the first 11 months of 2002 was 0.3% ahead of the 11-month total for 2001.